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THL Credit Announces First Quarter 2013 Financial Results

Stocks in this article: TCRD

BOSTON, May 6, 2013 (GLOBE NEWSWIRE) -- THL Credit, Inc. (Nasdaq:TCRD) ("THL Credit" or the "Company"), a direct lender to middle market companies, today announced financial results for its fiscal first quarter ended March 31, 2013. Additionally, THL Credit announced that its Board of Directors has declared a second fiscal quarter 2013 dividend of $0.34 per share payable on June 28, 2013, to stockholders of record as of June 14, 2013. This represents an increase of $0.01 per share over the prior quarter's dividend.


($ in millions, except per share amounts)  
Portfolio results As of March 31 , 2013  
Total assets $445.0  
Investment portfolio, at fair value $431.1  
Net assets $347.4  
Net asset value per share $13.20  
Weighted average yield on investments 13.7%  
  Quarter ended  March 31 , 2013 Quarter ended March 31, 2012
Portfolio activity  
Total investments made, at par $58.0 $36.7
Number of new portfolio companies 5 2
Number of portfolio companies at end of period 40 26
Operating results    
Total investment income $14.4 $10.7
Net investment income $7.4 $6.2
Net increase in net assets from operations $8.6 $5.7
Net investment income per share $0.28 $0.31
Dividends declared $0.33 $0.29

"This was another solid quarter for the firm and represents marked progress year-over-year," said James K. Hunt, chief executive officer of THL Credit. "We are pleased with the five new investments we made this quarter as well as the more limited amount of prepayment activity during the quarter compared to recent quarters. Apart from regularly scheduled amortization and planned sell down of our holdings in Gold, Inc., we continued with our strategy of prudent and patient growth in the portfolio, which when coupled with increased leverage, we believe will drive earnings growth going forward. Our pipeline, particularly unsponsored transactions, remains active and we have $150 million of borrowing capacity as of March 31, 2013 under our newly upsized and extended credit facility closed in March to fund near term investment opportunities."

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